A recently uploaded LinkedIn job posting shows that the United Kingdom Treasury Department is in search of a qualified individual to run its crypto unit, especially concerning the development of its Central Bank Digital Currency (CBDC), dubbed the Digital Pound. The job posting which was tagged “Head of Central Bank Digital Currency” listed a couple of expectations from the successful candidate for the position.
“The successful candidate will be responsible for leadership of HM Treasury’s work on a potential digital pound – a U.K. central bank digital currency (CBDC),” the listing stated while noting that the use of physical forms of money is on a decline and new forms of private sector digital money are arising.
As part of his core responsibilities, the successful candidate will be expected to lead a growing CBDC team alongside a virtual team in areas of financial services, financial stability, economics, and spending teams. He is charged with determining the direction and strategy that the UK Treasury would adopt to ensure the launch and implementation of a potential Digital Pound.
His activities will be run in close collaboration with the Bank of England which is working with the Treasury and the CBDC Task Force to explore the potential use cases of the Digital Pound. Together with the Bank of England, the successful candidate will consider consultation responses. Other policy issues related to CBDC will be handled by the “Head of Central Bank Digital Currency.”
This role will not interfere with the current leader of the crypto assets and digital currency instead he will fit into the existing Payments and Fintech Team.
UK’s Pursuit For a CBDC
The British Parliament began its inquiry into the adoption of a potential CBDC in 2021 with plans to finally commence testing within 3-5 years.
At the time, Committee Chairman, Lord Forsyth of Drumlean said “New cryptocurrencies have generated a great deal of excitement, and concern, across the globe. The Government and Bank of England must carefully consider the implications of creating a new, state-backed, form of digital cash.”
Then in 2022, the Bank of England partnered with the Massachusetts Institute of Technology (MIT) Media Lab Digital Currency Initiative (DCI) for a joint research scheduled to span 12 months.